ELMIRA — Chemung Financial Corp. saw its third-quarter net income decline in spite of the company’s expansion into the Albany market last year.
Earnings improved through the first nine months of this year thanks in part to tight management of credit quality, according to the bank.
Third-quarter net income decreased 13.9 percent to $2.8 million, or 61 cents per share, down from $3.3 million, or 71 cents, last year. An $800,000 increase in noninterest expense and a $400,000 reduction in the net gain on securities transactions were the main drivers behind the decline.
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For the first nine months of 2012, Chemung’s net income grew 17.4 percent from $7.6 million, or $1.76 per share, last year to $8.9 million, or $1.92 per share, this year.
“Our efforts to tightly manage credit quality have proven to be successful with a nonperforming assets to total assets ratio of 1.10 percent,” Chemung President and CEO Ronald M. Bentley said in a news release. “Also, the acquisition of Capital Bank in the Albany region has been highly profitable for us and has significantly increased the value of our banking franchise.
“Our expansion into the Albany region has given us an excellent opportunity for loan and deposit growth. We believe we have seized upon this opportunity in the past year by experiencing strong growth in our Albany region lending portfolios.”
Chemung acquired Fort Orange Financial Corp., the holding company of Capital Bank & Trust Company, in April 2011. The $29 million deal included five branches in the Albany region which continue to operate under the Capital name.
Headquartered in Elmira, Chemung Financial Corp. (www.chemungcanal.com) is the holding company for Chemung Canal Trust Co., which has $1.3 billion in total assets and 28 offices in eight New York counties as well as Bradford County in Pennsylvania. Chemung also owns CFS Group, Inc., a financial-services subsidiary offering services including mutual funds, annuities, brokerage services, tax preparation, and insurance.
Contact DeLore at tdelore@tgbbj.com
